Intel to slash workforce
Business
Boeing guilty plea deal filed
Business
Business
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.
- Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
- This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.
Business
SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
- The extension of this agreement marks a significant stride in advancing the goals of the Vision 2030 Housing Program, said Majeed Fahad Alabduljabbar, CEO of SRC.
- SRC was established in 2017 by the Public Investment Fund after obtaining a license from Saudi Central Bank to operate in the market.
Business
Noatum buys APM Terminals Castellón
Noatum Terminals is the terminals ops business of Noatum Group.
- The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will happen immediately
- In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years
Business
Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement
Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia
Business
Albilad Capital to pay dividend
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Business
Huawei says expects higher revenue
The company is leading equipment manufacturer for 5G.
- Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources
- In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year
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Company News
Intel to slash workforce
Business
Boeing guilty plea deal filed
Business
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Amazon triples quarterly profit
Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
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Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
e& reports $2.94 billion in net profit
e&’s subscriber base rose 11.7% to 189.3m
- The company acquired PPF Telecom’s assets, expanding into Central and Eastern Europe
- e& announced a progressive dividend policy, aiming for USD 0.24 per share by 2026
Business
AD Ports Group 2024 net profit $484m
The Group's revenue increased 48 percent year-on-year.
- Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
- Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.